Multiple Choice
-John either buys a steak or chicken when dining out. John's marginal utility for steak and chicken is given in the above table. If the price of a steak is $20 and the price of a chicken is $10 and John has $50 to spend on the two goods, what combination of steak and chicken will John consume to maximize his utility?
A) 0 steak and 5 chickens
B) 1 steak and 3 chickens
C) 2 steaks and 1 chicken
D) 3 steaks and 2 chickens
Correct Answer:
Verified
Correct Answer:
Verified
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